Correlation Between Cantaloupe and SASI Old
Can any of the company-specific risk be diversified away by investing in both Cantaloupe and SASI Old at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Cantaloupe and SASI Old into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cantaloupe and SASI Old, you can compare the effects of market volatilities on Cantaloupe and SASI Old and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Cantaloupe with a short position of SASI Old. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cantaloupe and SASI Old.
Diversification Opportunities for Cantaloupe and SASI Old
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Cantaloupe and SASI is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Cantaloupe and SASI Old in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SASI Old and Cantaloupe is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Cantaloupe are associated (or correlated) with SASI Old. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SASI Old has no effect on the direction of Cantaloupe i.e., Cantaloupe and SASI Old go up and down completely randomly.
Pair Corralation between Cantaloupe and SASI Old
If you would invest 21.00 in SASI Old on October 26, 2024 and sell it today you would earn a total of 0.00 from holding SASI Old or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 1.69% |
| Values | Daily Returns |
Cantaloupe vs. SASI Old
Performance |
| Timeline |
| Cantaloupe |
| SASI Old |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Cantaloupe and SASI Old Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cantaloupe and SASI Old
The main advantage of trading using opposite Cantaloupe and SASI Old positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cantaloupe position performs unexpectedly, SASI Old can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in SASI Old will offset losses from the drop in SASI Old's long position.| Cantaloupe vs. FiscalNote Holdings | Cantaloupe vs. CLPS Inc | Cantaloupe vs. Formula Systems 1985 | Cantaloupe vs. CSP Inc |
| SASI Old vs. Flint Telecom Group | SASI Old vs. Castellum | SASI Old vs. Datametrex AI Limited | SASI Old vs. TTEC Holdings |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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